Nasdaq Drops Over 100 Points; US Retail Sales Rise 1.3%

U.S. stocks traded mostly lower this morning, with the Nasdaq Composite dropping more than 100 points on Wednesday.

Following the market opening Wednesday, The Dow traded down 0.02% to 33,587.55 while the NASDAQ fell 1.29% to 11,211.53. The S&P 500 also fell, dropping, 0.60% to 3,967.89.

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Leading and Lagging Sectors

Utilities shares jumped 0.9% on Wednesday. Leading the sector was strength from Consolidated Water Co. Ltd. CWCO and Genie Energy Ltd. GNE.

In trading on Wednesday, consumer discretionary dipped by 1.6%.

Top Headline

 

Retail sales in the US rose 1.3% month-over-month in October, notching the biggest rise in eight months.

 

Equities Trading UP

 

• InMed Pharmaceuticals Inc. INM shares shot up 69% to $4.68. InMed Pharmaceuticals advanced neurodegenerative disease program with Natural Sciences and Engineering Research Council of Canada alliance grant funding.
• Shares of Tiga Acquisition Corp. TINV got a boost, shooting 24% to $12.65.
• Sportradar Group AG SRAD shares were also up, gaining 19% to $12.07 after the company reported better-than-expected Q3 sales and raised FY22 revenue outlook.

Equities Trading DOWN

• AMMO, Inc. POWW shares tumbled 26% to $2.33 after the company reported worse-than-expected Q2 sales and issued FY23 guidance below estimates.
• Shares of BrainsWay Ltd. BWAY were down 31% to $2.22 after the company reported worse-than-expected Q3 EPS and sales results.
• Satixfy Communications Ltd. SATX was down, falling 29% to $22.57.

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Commodities

In commodity news, oil traded down 2.4% to $84.82 while gold traded up 0.1% at $1,778.20.

Silver traded up 0.3% to $21.575 on Wednesday while copper fell 1.6% to $3.7590.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.9%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.9%. The German DAX dipped 1.1%, French CAC 40 fell 0.7% and Italy’s FTSE MIB Index fell 0.3%.

The annual inflation rate in Italy accelerated to 11.8% in October, the highest level in 37 years. Core producer prices in the UK rose by 13.3 percent year-over-year in October, while annual inflation rate in the UK increased to 11.1% in October from 10.1% in the prior month.

 

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with the Japan’s Nikkei gaining 0.14% and Hong Kong’s Hang Seng Index falling 0.47%. China’s Shanghai Composite Index fell 0.45%.

Average new home prices in China declined by 1.6% year-over-year in October, while Japan's core machinery orders dipped 4.6% from a month ago in September. Australian wage price index rose by 3.1% year-over-year in the third quarter.

Economics

 

• The NAHB housing market index fell for an 11th consecutive month to a reading of 33 in November from 38 in the previous month.
• Manufacturers’ and trade inventories rose by 0.4% from a month ago in September.
• Industrial production fell 0.1% month-over-month in October.
• Retail sales in the US rose 1.3% month-over-month in October, notching the biggest rise in eight months.
• US export prices fell 0.3% from a month ago in October, while import prices fell by 0.2%.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,974,380 cases with around 1,100,630 deaths. India confirmed a total of at least 44,667,740 cases and 530,530 deaths, while France reported over 37,182,160 COVID-19 cases with 157,930 deaths. In total, there were at least 641,101,820 cases of COVID-19 worldwide with more than 6,618,530 deaths.